Telecommunications
firm, Etisalat has denied report that its majority shareholder, Mubadala
Development Company, from the United Arab Emirate is exiting the
business
because of the troubled $1.2 billion syndicated loan.
As such,
Etisalat said that the discussions with its lenders over the loan are still
very much ongoing.The firm, according to its Vice President, Regulatory and
Corporate Affairs, Ibrahim Dikko, in a statement, yesterday in Lagos, said
whilst it is premature at this stage of the ongoing discussions to affirm that
this (Mubadala Development Company, the majority shareholder of the company is
exiting the business) is the conclusive option, Etisalat Nigeria considers it
pertinent to state that parties to the negotiation are considering a number of
options and discussions are at an advanced stage regarding the syndicated loan
agreement with the banks.
Dikko
therefore, said it will therefore be presumptive and in bad faith to begin to
predict the outcome.“Discussions have so far been quite collaborative and we
expect to reach a final resolution next week, by which time we will be in the
position to make a definitive announcement,” he stated.
According to
him, Etisalat Nigeria can confirm that negotiations with the consortium of
banks regarding the syndicated loan agreement signed in 2013 have reached an
advanced stage.
“As noted in
an earlier statement, we are considering a number of options and are not taking
anything off the table at this time.“Etisalat remains a viable business, having
recorded its best financial year in 2016. Parties are keen to ensure that the
ongoing discussions and eventual outcome do not affect the day-to-day
operations of the business whether now or after the announcement of our agreement.
All parties have continually demonstrated an interest in the continued
operations of Etisalat as a business as it remains the backbone of millions of
small business owners; multinationals, government and indeed Nigerian
subscribers in general,” he noted.
According to Guardian, Dikko said
the telecommunications firm therefore appeals to its partners in the media not
to be speculative, stressing that the company appreciate the tremendous support
it has received since inception and still count on the continued support of the
media “as we navigate this path and emerge as a stronger business.”
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